FOREWORD
This Explanatory Note is not intended to provide a technical
legal analysis of the provisions of the Investment Fund Act,
2003.
We have focused only on the main provisions of the Investment
Funds Act, 2003 as it relates to investment funds and have
intentionally omitted explanations of various other sections of the
legislation which we believe are not of primary concern to this
topic.
Unless otherwise stated all references to "$" are to
Bahamian Dollars. The law is stated as at October 2014.
INTRODUCTION TO INVESTMENT FUNDS
On the December 15th, 2003 the Mutual Funds Act, 1995 was
repealed and the Investment Funds Act, 2003 ("the Act")
came into operation. The primary objective of the Act is to provide
legislation that is flexible enough to accommodate the needs and
growing demands of the financial sector and there have been various
amendments to the Act to reflect these changes in the financial
sector.
